Chief Financial Officer appointment

RNS Number : 4805O

CT Automotive Group PLC

01 February 2023

 

1 February 2023

CT AUTOMOTIVE GROUP PLC

("CT Automotive" or the "Company")

Chief Financial Officer appointment

CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, is pleased to announce that Anna Brown will succeed David Wilkinson as Chief Financial Officer of CT Automotive.

Anna joins the Company as Chief Financial Officer-designate today (1 February 2023) and will be appointed to the Board as an Executive Director of the Company on 28 April 2023, subject to the satisfactory completion of due diligence by the Company's Nominated Adviser, Liberum Capital Limited .

As previously announced, David will remain with the Company until 28 April 2023. This will enable David to support the management of the Company's year-end financial results as part of an orderly handover.

Anna brings substantial experience in strategic and financial roles in listed companies to CT Automotive. Prior to her appointment, Anna spent eight years at McCarthy & Stone, latterly as Director of Strategic and Corporate Finance and Group Company Secretary, having previously held various roles including Group Financial Controller, Head of Accounting & Reporting, and IPO Project Director. Anna has also held several finance roles at KPMG, and is a Fellow of the Association of Chartered Certified Accountants.

Simon Philips, Executive Chairman of CT Automotive, said:

"The Board is delighted to welcome Anna to CT Automotive. She brings substantial listed company and financial experience to the role that will be invaluable as we continue to execute our growth strategy."

Anna Brown said:

"CT Automotive has grown to become one of the leading manufacturers of interior car parts for some of the world's biggest automotive brands. The Company has an exciting future ahead and I am very much looking forward to working with the Board and the senior management team to support the Company's continued development over the coming years."

For further information please contact:

CT Automotive Simon Phillips, Executive Chairman  Scott McKenzie, Chief Executive Officer  David Wilkinson, Chief Financial Officer	via MHP
MHP (Financial PR)  Tim Rowntree Charlie Baker [e-mail]	Tel: [phone]
Liberum (Nominated Adviser and Broker) Richard Lindley Benjamin Cryer	Tel: [phone]

Notes to editors

CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example dashboard panels and fascia finishes) and kinematic assemblies (for example air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.

The Group is headquartered in the UK with a low-cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Mexico, Turkey and the Czech Republic.

CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality roster of OEM end customers, both directly and via Tier One suppliers including Faurecia and Marelli. End customers include volume manufacturers, such as Nissan, and luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies electric car manufacturers, including Lucid. It has also recently started working with e.Go Mobile, a German manufacturer which plans to launch a series of small electric vehicles for the budget end of the market.

The Group currently supplies component part types to over 47 different models for 19 OEMs. Since its formation, the Group has been the only significant new entrant into the market, which is characterised by high barriers to entry.

 

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